Escorts surges 5% as tractor sales grow 80% YoY in August

The company's management remains optimistic for the coming festive months

Shares of Escorts gained 5 per cent to Rs 1,143 on the BSE on Tuesday after the company reported a strong 80.1 per cent year-on-year (YoY) jump in tractor sales in the month of August, 2020.

The company’s Agri Machinery Segment (EAM) sold 7,268 tractors, its highest-ever August sales. It had sold 4,035 tractors in August 2019. On month-on-month (MoM) basis, the volume was up 36.6 per cent, Escorts said in a statement.

The market sentiment continues to be highly positive with good monsoons, better Kharif sowing, crop prices holding up well and good supply of retail finance, it said.

The management remains